Government of India is set to roll out 2 new PLI Schemes i.e. Footwear and Bicycle to promote manufacturing in India. These will be the part of fresh set of PLI Schemes after the initial 13 PLIs being announced by the Government in 2020 post COVID-19 Lockdown to make China Plus 1 Strategy.
Footwear PLI Scheme
The Footwear PLI aims to incentive the unorganised Footwear industry with a budget allocation of approx. ₹ 2,600 Crores offering incentives ranging between 4-12% of the incremental sales to the footwear manufacturers and their components.
It is estimated that to be eligible under the scheme, the business needs to make an minimum investment of atleast ₹ 5 Crores by FY 2029-30. You can refer more details through the Link (Footwear – PLI Scheme)
Bicycle PLI Scheme
The Bicycle PLI scheme is to be announced with the budget of approx ₹ 3,500 Crores to provide incentives of 3-10% of the incremental sales made of Aluminium alloy and Carbon fibre. Its is expected that the scheme will require the companies to invest between ₹ 10-300 Crores in order to claim the incentives. This will help India to become a leader in manufacturing light weight new age bicycles which will further strenthen India’s position in global trade of bicycles. You can refer more details through the Link (Bicycle – PLI Scheme)
